The Australian Securities and Investments Commission (ASIC) has released an updated version of its compliance guide for small businesses in a bid to end confusion about new industry requirements. Focusing on PS164, the advice is aimed at small businesses applying for or holding an Australian financial services licence.

Pauline Vamos, ASIC’S Director of FSR Licensing and Business Operations, says businesses will have different ways of complying with the regulations, “depending on the nature, scale and complexity of their operations”.

One of ASIC’s key concerns is that too many small businesses are receiving advice that they must install complex compliance systems. But such systems are unnecessary, and the guide will “help small businesses develop and tailor straightforward compliance and risk management procedures best suited to them”.

The updated guide includes a new section on risk management, providing direction on how a small business can analyse, assess and deal with business risks. It has also been restructured to make it easier to cross-reference to PS164.

“Since it was first released in November last year, the guide has been of major assistance in enabling many small operators to successfully make the transition to the new FSR regime”, Ms Vamos said.